The cooling and lubrication of forging die is not only related to the life of die and the quality of forging products, but also is one of the most critical reasons that restrict the automation and unmanned production of forging. The study of the temperature rising and cooling mechanism during the forging process is the basis of developing cooling and lubricating system. Therefore, the cooling and heat transfer process of the forging die was analyzed by calculating the process of heat absorption and heat dissipation in the forging process. On this basis, the cooling effect of cooling water was analyzed, and the water quantity needed for cooling die was calculated according to the die temperature. Finally, in order to verify the reliability of the analysis and calculation, the die temperatures of two different forging equipment were measured and compared with the calculated values. The results show that the deviation between the calculation value and the measured value is 8%, and the approximation is better, which can provide a theoretical basis for the research and development of the cooling and lubrication system of die.